Experian welcomes end date for SEPA migration
Nottingham, 21 December 2011 – Experian®, the global information services company, today welcomed the announcement of 1 February 2014 as the end date for SEPA migration.
European businesses have less than two-and-a-half years to migrate credit and debit payments systems to the Single Euro Payments Area (SEPA). Banks will need to convert customers’ account information and businesses must move from existing domestic formats to a single International Bank Account Number (IBAN) to comply.
Jonathan Williams, director of payments strategy at Experian, comments: “This announcement brings to an end to speculation on whether SEPA will become a reality. Large businesses will be most impacted. They need to address any existing payment errors, fully validate all new data to SEPA standards and ensure that payment files sent to their banks are converted to the appropriate format.
“Early adoption is crucial. If left to the last minute, the SEPA requirements have the potential to be both disruptive and costly. Banks and their corporate customers need to provide a smooth transitional process to SEPA in order to avoid costly errors and keep customers happy.
“The long-term benefits far outweigh the potential complications of migration. Banks and businesses can at last look forward to an improvement in the efficiency of domestic and cross border payments, with consumers, businesses and banks able, for the first time, to send simple cashless payments in euros to anyone located within the euro zone.”
Experian is the leading global information services company, providing data and analytical tools to clients in more than 80 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2011 was US$4.2 billion. Experian employs approximately 15,000 people in 41 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
For more information, visit http://www.experianplc.com.